If you dream of winning the lottery and buying yourself a superyacht, you might want to rethink it.
Think parking a car is expensive? Clearly, you’ve never parked a yacht.
There’s a very good reason why superyachts are owned by the one percenters.
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While sailing the seas in the private surrounds of a superyacht sounds like bliss, there’s more to owning a one than the initial cost of buying it.
The running costs stretch well into seven figures.
Just to break it down, the annual operating cost of a superyacht is approximately 10 percent of its initial value.
Let’s break it down.
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You have to pay V.A.T. (tax) on your superyacht, which is anywhere between 15 to 25 percent of the vessel’s value.
Maintenance costs range from anywhere between $2.7 million to $4.3 million per year for an average-sized yacht of 45 meters.
On the subject of crew members, you have to pay their salaries, too, which can cost well over $1 million a year.
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On top of that, you have dockage fees and boat insurance, both of which cost hundreds of thousands of dollars per year.
Then there’s fuel usage to take into account – and a 71 meter yacht for example uses up to 500 liters of diesel per hour.
So, based on these figures, a 100 meter superyacht with a top speed of 25 knots and a 50-strong crew would cost around $275 million on average.
Yes, that’s as much as it would cost to buy a mansion – or several mansions for that matter.
Interestingly, many superyacht owners keep their vessels for no more than three years before selling up.
Still dream of owning a superyacht?
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.